Survival Fund: FG says it has disbursed N56.8 billion to over 1 million persons and businesses

The Federal Government has announced that it disbursed the sum of N56,842,780,000 to over 1,079,323 persons and businesses, including those registered under the Corporate Affairs Commission (CAC), under the off-take scheme of the Survival fund.

This was disclosed by Amb. Maryam Katagum, Minister of State, Industry Trade and Investment, and Chairperson, Survival Fund Steering Committee, on Tuesday in Abuja, according to the News Agency of Nigeria.

She added that the FG already flagged off its Guaranteed off-take project of the fund with 50,032 beneficiaries, in a bid to keep track of the government’s Micro Small and Medium Enterprises (MSMEs) Survival Fund scheme, stating that the FG had prepared for 100,000 beneficiaries, but that as at the time the portal closed, only 65,976 applications were received, of which 50,032 passed the pre-qualification test.

According to the Minister,

“To date, we have successfully disbursed the sum of N56,842,780,000.00 to 1,079,323 including those registered under CAC.

“The last track of the MSME Survival Fund is the Guaranteed Off-take Scheme which we are here to officially flag-off today, building on the successes recorded in the implementation of the other tracks of the Scheme.

“The Federal Government is set to roll out the last component of the Survival Fund known as the Guaranteed Off-take Scheme (GOS).

“As you all know, the COVID-19 pandemic caused a drop in demand for corporate and household products and commodities in Nigeria just like it did in other parts of the world.

“It is in response to this that the Guaranteed Off-take scheme was conceived as part of the Federal Government’s interventions to assist small and growing businesses that were negatively affected by the pandemic.”

Nairametrics.